Robbins Property Associates (“RPA”), a vertically integrated multifamily owner operator, has partnered with a repeat private equity limited partner to acquire Century Cross Creek. The expansive 297-unit complex was completed in 2008 and 2014. The property, which was re-branded The Parq at Cross Creek, is located in the fast-growing New Tampa/Tampa Palms submarket.
The property is centrally located with ease of access to Interstate 75, via Morris Bridge Road or Bruce B. Downs Boulevard, which provides access to over 17.7 million square feet of corporate office space within a twelve-mile radius. The area provides a high proportion of healthcare, finance, and education jobs, including USAA, Coca-Cola, multiple hospitals, and the University of South Florida.
“New Tampa/Tampa Palms is a dynamic submarket that has rapidly transformed over the past two decades and continues to experience strong population and job growth,” said Neal Herman, Managing Director of Investments at RPA. “The property is well-built, and as a testament to the Tampa MSA’s resiliency, the property’s operations maintained strong collections and occupancy during 2020.”
The Parq at Cross Creek features spacious floor plans, open kitchen layouts, 9-foot ceilings, and expansive screened-in porches. RPA’s comprehensive value-add program will include upgrading unit interiors to include sleek quartz countertops, modern tile backsplashes, stainless-steel appliance packages, and wood plank flooring.
Community amenity upgrades will highlight a complete renovation and expansion of the clubhouse and leasing center and an expanded 24-hour state-of-the-art fitness center. Additionally, RPA will modernize the resort-style pool by adding a screened-in patio lounge and summer kitchen.
“There is strong demand from renters for upscale garden-style apartments in the New Tampa area,” said Kristi King, Chief Operating Officer & Principal of RPA. “The Parq at Cross Creek offers residents the kind of space, comfort, and amenities they expect in the Tampa market. Our renovations will significantly change the look and feel of the community and resident experience.”
